CBDC is generating a lot of reactions on Twitter and most of them are against it. Over the past few weeks, anti-CBDC movements on the social media platform have gained significant traction.
A tweet by VoxPopli comes with a video clip of an agitation purportedly in the Hague, Netherlands. It says people have taken out a “demonstration against the digital euro (CBDC), which will control every transaction over 100 euros. It further adds that every CBDC transaction will be traceable, bringing everyone and everything under the control of the central banks and the governments.
Neeraj Khandelwal, co-founder of Indian crypto Exchange CoinDCX posted a tweet on December 8 that questions the motive of RBI’s recent e-rupee launch. “The Problem with India’s CBDC is that it has been built to counter the growing Crypto Industry. There is no actual problem-solving motivation behind RBI’s CBDC. Or am I missing something?” he asked.
In reply to a tweet in the same thread, he quips, “CBDCs can do wonders. But is that the intent?”
There is a barrage of similar posts on Twitter that look at CBDC with skepticism.
And some recent developments seem to have provided the trigger for such backlash. For example, Nigeria has reportedly restricted ATM withdrawals to $225 over a week (about $44.5 a day), beyond which people should use the recently launched eNaira or pay 5% and 10% fees on cash withdrawals by individuals and institutions respectively.
Reports suggest that Pakistan is planning to launch CBDC by 2025 but people are opposing the CBDC idea and demanding restrictions to be removed from bitcoin trade.
Meanwhile, Ripple has confirmed that it has created a private CBDC platform on its $XRP ledger to provide banks privacy and control over their CBDC projects.
